What happened
ASIC has disqualified Allen Bruce Caratti, a Perth property developer, from managing any corporation for four years. The disqualification follows findings of serious governance failures across three land development companies Caratti directed between 2005 and 2017.
Governance failures identified
The failures identified across the three failed companies included:
- Not lodging income tax returns
- Not registering for an ABN or TFN
- Providing false information to the ATO
- Failing to maintain proper business records
Signed assurance not followed through
Caratti provided ASIC with a signed assurance that he would resign from director positions. He did not resign from those positions. ASIC treated this as a false representation, and it contributed to the basis for the disqualification.
Tribunal challenge and outcome
Caratti applied to the Administrative Review Tribunal on 8 October 2024 to challenge the disqualification decision. He also sought a stay order, which the Tribunal refused on 16 December 2024. Caratti withdrew his review application on 10 April 2025. The four-year disqualification stands.
Key actions
- Before appointing any person as a director, check whether that person appears on ASIC's banned and disqualified persons register at asic.gov.au/online-services/search-asic-s-registers/banned-and-disqualified/.
- Directors of companies are required to ensure all income tax returns, business activity statements, ABN and TFN registrations are lodged on time and that business records are properly maintained - these failures were central to this disqualification.
- Signed assurances provided to a regulator such as ASIC about steps a person intends to take are required to be followed through - failure to resign director positions after providing a signed assurance to do so was treated as a false representation in this case.
This is a plain-English summary for information only, not legal or compliance advice. Always check the official source or consult a qualified professional.